Hyderabad, July 11, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Polytetrafluoroethylene (PTFE) Market Report (2023-2029)," the market is estimated at USD 1.3 billion in 2023. It is expected to register a CAGR of 6.16% during the forecast period.
Polytetrafluoroethylene is a fluoropolymer, which is slippery in nature. It is used as a non-stick coating in kitchen cookware. Its low friction coefficient and resistance to heat, chemicals, and radiation make it suitable for various applications in many end-user industries. The industrial and machinery industry is the most prominent end user of PTFE.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 1.3 billion |
| Market Size (2029) | USD 1.9 billion |
| CAGR (2023-2029) | 6.16% |
| Study Period | 2017-2029 |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The rising usage of PTFE in telecommunications and data transmission applications due to its strong fire safety and electrical performance. |
| The demand for corrosion-resistant fluid handling equipment. |
Which are the Top Companies in the Polytetrafluoroethylene (PTFE) Market?
The polytetrafluoroethylene (PTFE) market is moderately consolidated, including the top five companies accounting for a share of 51.92%.
Notable players operating in the polytetrafluoroethylene (PTFE) market are:
-
- 3M
- AGC Inc.
- Daikin Industries Ltd
- Dongyue Group
- Gujarat Fluorochemicals Limited (GFL)
- HaloPolymer
- Shanghai Huayi 3F New Materials Co. Ltd
- Sinochem
- The Chemours Company
- Zhejiang Juhua Co. Ltd
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Key Highlights from the Polytetrafluoroethylene (PTFE) Market Report:
Industrial and Machinery Sectors Occupying Significant Market Demand
- The industrial and machinery industry is the most significant end-user of PTFE. As PTFE offers non-stick properties and is resistant to chemicals, it is widely preferred for producing bearings, seals, gaskets, and corrosion-resistant fluid handling equipment.
- PTFE resin provides rigidity, flexibility, low flammability, and more, which are required to produce electronic goods. The growing demand for consumer electronics is expected to propel the growth of the electrical and electronics industry as the faster-growing end user of PTFE.
Africa Witnessing Fastest Growth in the Market
- Africa is the fastest growing in terms of value for the market. It is expected to grow further during the forecast period due to improved economic governance and its private sector.
- Nigeria and South Africa occupy the largest market shares in the region, accounting for 69.68% of consumption in 2022.
What are the Latest Developments in the Polytetrafluoroethylene (PTFE) Market?
- In October 2022, AGC Inc. Introduced Fluon+ Composites, which are functional fluoropolymers that improve the performance of CFRP and CFRTP composites that are primarily used in automobiles, aircraft, printed circuit boards, and sports equipment.
- In July 2022, Daikin Industries Ltd invested in TeraWatt Technology, a US-based startup, to develop applications that enhance technologies for Li-ion batteries.
- In February 2022, Gujarat Fluorochemicals invested in expanding its PTFE capacity at its manufacturing site in Dahej, India. The PTFE capacity may start operations in 2023.
Mordor Intelligence has Segmented the Polytetrafluoroethylene (PTFE) Market Based on End-User Industry and Region:
- By End-User Industry (Market Size and Forecast based on Value (USD billion), 2017-2029)
-
- Aerospace
- Automotive
- Building and Construction
- Electrical and Electronics
- Industrial and Machinery
- Packaging
- Other End-user Industries
-
- By Region (Market Size and Forecast based on Value (USD billion), 2017-2029)
- Africa
- By Country
- Nigeria
- South Africa
- Rest of Africa
- By Country
- Africa
- Asia-Pacific
- By Country
- Australia
- China
- India
- Japan
- Malaysia
- South Korea
- Rest of Asia-Pacific
- By Country
- Europe
- By Country
- France
- Germany
- Italy
- Russia
- United Kingdom
- Rest of Europe
- By Country
- Middle East
- By Country
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East
- By Country
- North America
- By Country
- Canada
- Mexico
- United States
- By Country
- South America
- By Country
- Argentina
- Brazill
- Rest of South America
- By Country
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Polytetrafluoroethylene (PTFE) Market Report (2023-2029).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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